New and improved HP board election rules

Peter Burrows points out the new and improved HP board election rules:

Today’s Good Governance Award Goes To…
…the board of Hewlett-Packard. That’s not a sentence I would have forseen myself writing, given some of the nonsense that’s gone on in Palo Alto in recent years. But yesterday, HP announced that board members from now on would need to win a majority of shareholder votes to be re-elected to the board. If they don’t, they’re required to submit their resignation.

HP press release:

Under the policy, any nominee for director who receives a greater number of votes “withheld” from his or her election than votes “for” such election will tender his or her resignation for consideration by the nominating and governance committee of HP’s board of directors.

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